Zelle is seeing thousands of signups each day and last year saw $75bn in payments, but fraud has become a bigger problem for the company; fraudsters have used some weaknesses like inconsistent notifications when money is sent or received and the speed of transactions because the full posting happens later; they have also seen spoof emails or texts which trick customers into authorizing transactions to a fraudster, Zelle and the banks say they are working on improving the issues. Source.
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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CoinDesk has created a list of the top 5 analysts and top 5 traders; CoinDesk considered Twitter followers, published analysis, charts produced, industry experience, incumbent financial industry experience and votes from the Blockchain Q3 Sentiment survey. Source
Chain CEO Adam Ludwin sat with Business Insider to talk about blockchain technology and cryptocurrencies; the interview goes through the basics of what blockchain technology is and how it has been viewed by the wider market in recent years; the hype around the technology has made many believe it can transform anything and everything; in reality, Adam says, it is a tool that should be applied where relevant; they also explore the differences in selling into an institution and how the technology is used in bitcoin transactions. Source.
Zopa provides 2016 year end stats; in total they lent 680 million British pounds ($830 million); helped 20,000 people improve their home and 29,000 buy a car; the company also highlights several awards they won including Most Trusted Loan Provider by Moneywise for the seventh year in a row; the company struck many partnerships including offering phone finance with Unshackled, loans through personal finance app Pariti and a partnership with Airbnb; company also launched three new lending products for investors with varying risk and return profiles; in 2016 we also saw the first securitization of Zopa loans and learned of Zopa's plans to apply for a banking license. Source
TD Bank has signed a partnership agreement with nCino to digitize the bank’s corporate and commercial lending; the nCIno technology will allow for quicker lending decisions and more transparency; nCino’s Bank Operating system features CRM, loan origination, account opening, workflow, content management, business process management, customer engagement, and instant reporting all on a single platform according to Banking Technology. Source.
Georg Ludviksson, the head of Meniga, a digital bank that was started in Finland back in 2009, says that banks are at risk of losing the top spot among their customer base; tech giants like Google, Facebook and Alibaba are placing themselves between banks, and their customers are no longer seeing their traditional bank as the go to place for financial services; Georg Ludviksson also points out that the coming PSD2 regulation will shift the balance of power from banks to the customer and that the regulation has the potential to transform banking in Europe. Source
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The Royal Bank of Scotland is closing 158 branches in the UK in an effort to reduce costs; it has continued to struggle since the financial crisis reporting nine consecutive years of losses; the firm has been increasingly integrating automation to cut costs and says it will make a decision on its robo advisory service for mortgage lending by the third quarter; the robo advisory service offers customers advice and insight that helps them decide on a mortgage loan product, also giving them an option to connect with a human advisor at any time during the process. Source
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